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Spain GDP Falls In Q1

Spain's economic output decreased in the first quarter after stagnating in the previous three months amid a resurgence in the coronavirus infections that has prompted the return of restrictions, preliminary estimates from the statistical office INE showed Friday.

Gross domestic product decreased 0.5 percent, in line with economists' expectations.

In the third quarter of 2020, the economy grew a solid 17.1 percent, completely erasing the similar size slump in the second quarter due to the impact of the coronavirus pandemic.

In the first quarter last year, the economy shrunk 5.4 percent.

Private consumption decreased 0.6 percent and investments fell 2.2 percent. Domestic demand shrunk 0.9 percent. Exports were lower 0.1 percent and imports dropped 1.3 percent.

On a year-on-year basis, GDP decreased 4.3 percent in the first quarter after an 8.9 percent slump in the previous three months. Economists had expected a 4.2 percent fall. The latest contraction was the fifth in a row.

The number of hours worked decreased 2.0 percent from the fourth quarter and by 3.6 percent from the same period last year.

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